(Adds details)
China Baowu Steel Group has set up a Global Low-Carbon Metallurgical Innovation Alliance with 62 partners to tackle climate change and cut greenhouse emissions in the world's biggest steel producer, it said on Thursday.
Members of the alliance come from 15 countries and include ArcelorMittal MT.LU , BHP Group (BHP) , Rio Tinto RIO.L , Vale VALE3.SA , Fortescue Metals Group (FMG) , Tata Steel TISC.NS , Thyssenkrupp TKAG.DE , Angang Group, HBIS Group and Shagang Group, Baowu said at an inaugural ceremony in Shanghai.
"For now, it's hard for any steel firm to realize low-carbon transition on their own," said Baowu Vice General Manager Hou Angui at the event. Hou was also named secretary general of the alliance.
The steel giant also announced a fund to support basic research of low-carbon metallurgy, with no more than 35 million yuan ($5.5 million) funding per year.
Baowu, which overtook ArcelorMittal as the world's top steel producer in 2020 with annual output at over 115 million tonnes, had proposed setting up the low-carbon metallurgical alliance in October 2019.
The group aims to reach peak carbon by 2023 and carbon neutrality by 2050.
($1 = 6.3751 Chinese yuan renminbi)
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